AIB Provides SODIC With EGP 120 Mln Credit Facilities

The Arab Investment Bank (AIB) signed a contract with the Sixth of October for Real Estate Development Company (SOREL) (99% owned by Sixth of October Development & Investment Company SODIC) over credit facilities of EGP 120 million.

SODIC announced today in a statement that such credit facilities will be used to finance the establishment of Kattameya Plaza. Amwal Al Ghad earlier reported exclusively that SODIC requested such finance last July from AIB. The three-year term finance is the first to be received by SODIC from AIB.

SODIC achieved net profit of EGP 85.102 million in the first half of the current fiscal year, compared to a net loss of EGP 120.010 in the corresponding period of the last year.